AT THE CHERRY HILL TOWNE CENTER IN
CHERRY HILL, NEW JERSEY
Upscale Supermarket Expands its Operations in Regional
South Jersey/Philadelphia Market
CHERRY HILL, NJ, MAY 2, 2005 - M&M Realty has announced it has leased 130,000 square feet of retail space at the new Cherry Hill Towne Center on Route 70 and Haddonfield Road in Cherry Hill, New Jersey, to upscale supermarket Wegmans Food Markets. This will be the third Wegmans Food Markets to open in the southern New Jersey/Philadelphia market with additional stores currently in Mt. Laurel and Princeton, New Jersey.
This major redevelopment of the former Garden State Park Race Track will be comprised of two retail phases, including Marketplace at Garden State Park, a 530,000 square foot regional shopping plaza where Wegman's will be located and Towne Place at Garden State Park, a 200,000 square foot lifestyle center that will also serve as Cherry Hill's new downtown. The project will also consist of 1,000,000 square feet of office space, 1,659 luxury residential units and a 150-room upscale hotel. Construction of the Marketplace phase is currently underway and is expected to conclude in early 2006.
Joseph D. Morris, vice president of commercial leasing and marketing with M&M Realty, commented, "We are excited to welcome Wegmans into the community's newest and most exciting regional center. This new lease signing with Wegmans reflects the partnership's strategic goal of developing intelligently throughout New Jersey, where people are able to work, shop and live in the same neighborhood. This is a great day for the residents of Cherry Hill who are getting one of the country's best supermarkets in their town."
Representing the tenant in this lease transaction was Steve O'Malley of Fameco Real Estate in Conshohocken, Pa.
About Wegmans Food Markets
Wegmans Food Markets, Inc. is a 68-store supermarket chain with stores in New York, Pennsylvania, New Jersey and Virginia. The family-owned company, founded in 1916, is recognized as an industry leader and innovator. Wegmans has been named one of the 'Top 100 Companies to Work For' by Fortune Magazine for the last several years. In 2005, Wegmans ranked #1 on the list.
